Drive a taxi around Dublin for a week and you’ll encounter two things from passengers:
- a simmering undercurrent of racism;
- Irish people’s utter fixation with property.
Drive a taxi around Dublin for a week and you’ll encounter two things from passengers:
- a simmering undercurrent of racism;
- Irish people’s utter fixation with property.
No offence Johnny but whenever I hop in a taxi that’s what the driver foists on me.
There was one driver, about a decade ago, who insisted on stopping the car and getting myself and my work colleague to look up at the supposedly visible Mir space station.
Then, there was the driver that kept me in the car for twenty minutes after arriving at my destination haranguing me about the Nice Treaty. And I was in agreement with him!
Johnny:
- a simmering undercurrent of racism;
- Irish people’s utter fixation with property.
No offence Johnny but whenever I hop in a taxi that’s what the driver foists on me.
Oh I wouldn’t doubt that for a minute, TUG. My own policy when driving is to speak only when spoken to, so I don’t initiate conversation. However, the above two points are what people invariably rabbit on about in my car, unprompted by myself.
Dan desperately tries to kickstart interest in the 'september selling season he " said US interest rates look set to fall by mid-September at the latest, adding that he would be surprised if the cut were not a half-point move. Dr McLaughlin also said the Bank of England was unlikely to raise rates again."
I call Dan wrong on count one, There is no hope of a 0.5% drop in US rates in September . He may be right on the UK.
Loathe though I am to admit it Dan got this much right .
Dan desperately tries to kickstart interest in the 'september selling season ', 24th August 2007. 2pack gets in with his comments before the fact .
rte.ie/business/2007/0824/ecb.html
None of these BoI Interest Rates, Applicable today, will be lower on the 31st of December 2007 will they Dan. Mark my words not his people.
bankofireland.ie/html/gws/pe … index.html
Homeloan Fixed and Variable RatesProduct APR Annuity
Homeloan Variable 5.4%
Tracker Less Than E250k & LTV <92>92% ECB +0.65% rolling to ECB +1.25% 5.3%
Tracker >E250k & E500k ECB +0.75% for the Term 4.8%
Tracker LTV < 50% ECB + 0.75% for the Term 4.8%
1 Year Fixed rolling to ECB + 1.25% 5.3%
2 Year Fixed rolling to ECB + 1.10% 5.1%
3 Year Fixed rolling to ECB + 1.25% 5.4%
4 Year Fixed rolling to ECB + 1.25% 5.5%
5 Year Fixed rolling to ECB + 1.25% 5.6%
10 Year Fixed rolling to ECB + 1.25% 5.9%
Well BoI changed these rates today. Here are the new ones.
Homeloan Fixed and Variable Rates for new customers
Product APR Annuity
Homeloan Variable 5.4%
Tracker Less Than E250k & LTV <92>92% 1-Yr Disc. ECB +0.65% Rolls to ECB + 1.15% 5.2%
Tracker >€250k & E500k ECB +0.75% for the Term 4.8%
Tracker LTV < 50% ECB + 0.75% for the Term 4.8%
1 Year Fixed rolling to ECB + 1.25% 5.3%
2 Year Fixed rolling to ECB + 1.25% 5.3%
3 Year Fixed rolling to ECB + 1.25% 5.4%
4 Year Fixed rolling to ECB + 1.25% 5.4%
5 Year Fixed rolling to ECB + 1.25% 5.5%
10 Year Fixed rolling to ECB + 1.25% 5.9%
None have dropped while the 2 year fixed option and the spread over base after the fix runs out have all risen.
Of interest too is the under €250k tracker which has risen from 5.2% to 5.3%
More rises incoming soon. Never mind Dan.
Nevertheless, Austin Hughes of IIB Bank in Dublin was “reading between the lines” and concluding that the ECB is playing a game of bluff, which it may carry on until it is “forced to cut.” Hughes concluded that if US economic data continue to point towards greater downside risks for global growth, “market expectations of an ECB rate cut in the early months of 2008 will increase markedly.”
finfacts.com/irelandbusinessnews/publish/article_1011387.shtml
Comical Austin is reading between the lines now. Just wait till he gets out the tea leaves to call their bluff.
We should appoint Comical to 'our seat ’ on the Board of the ECB instead of some inarticulate and visionless gobsheen from the central bank…seriously … we should .
Do and Dust them pesky europeans for us Comical.
One of the keynote speakers was Ballyhaunis-born Marie Hunt, Director of CBRE, who is widely regarded as one of Ireland’s leading property experts.
Ms Hunt gave a fascinating insight into the current state of Ireland’s property industry and expressed confidence that the oft-predicted bust would not occur at any stage in the near future. While there would be a slowdown she was confident that the property sector was destined for a ‘soft landing’.
“There has been a definite slowdown in the residential sector and that was to be expected. We were never going to have a sitaution where property prices would continue to grow by up to 20 per cent per annum.
“Looking back on the last ten to twelve years it is clear that we did not provide sufficient residential accommodation in the past and we were playing catch-up for most of the boom years.
“We were building more houses per capita than any other country in the world and a lot of people made big money from the residential property explosion. That’s over now and I think it’s safe to say that the boom is not going to be repeated again.
“Property will continue to appreciate but it will be at far more moderate levels and there is likely to be less investment amongst speculators in the residential property sector.”
Ms Hunt’s view was shared by Evita Chiang, of SEI Investments, who is a former Head of Business Liaison for the Conservative Party in the United Kingdom. Ms Chiang said she believed the fundamentals in the Irish economy were good and she saw no reason for the current bout of media pessimism. more>>>
The Irish economy is to weather downturn in the housing market, according to AIB Global Treasury services.
John Begg, chief economist at AIB Global Treasury said, "international bodies such as the IMF and S and P have warned about the downside risks to the economy from the fall in housing output. However, we must remember that the Irish housing market remains extremely well underpinned by demographic factors and a robust labour market
"What has changed most of all in the Irish housing market over the past twelve months is the urgency to buy. With house prices no longer rising at a rapid pace, potential buyers can now take their time about this important purchase. It is only a matter of time before the market finds its feet and demand conditions improve.
“Though the ECB continues to threaten to raise official interest rates, the US economic downturn and a weaker dollar will force the ECB to stay on hold. Conditions, therefore, are falling into place for a safety net to be placed under the Irish housing market, which will prevent the emergence of the bleak scenarios presented by some external agencies.”
Pure gold and credit to Pill for the find…
Austin strike again…
Article Date: 14 November 2007
Mr Hughes thinks that pressure on borrowers will ease with two rates cuts of ¼% in the first half of 2008 bringing rates down from 4% to 3.5%.
https://img219.imageshack.us/img219/9785/ecbratesfd2.png
Anything I’ve forgotten (without making the chart too busy)?
yup…
Make it into a sandwich board and parade up and down O’Connell Street.
Good work by the way!
"What has changed most of all in the Irish housing market over the past twelve months is the urgency to buy.
Which has been replaced with an urgency to sell.
Quality Graph irish! well done! Maybe email it to the Pheonix
Great stuff. I think a higher resolution would help so we can get a few more commetns in there! Deadly buzz!
Methinks this will be on the frontpage of the NEW pin when the servers are up and running.
Methinks this will be on the frontpage of the NEW pin when the servers are up and running.
Hmmm. Trading up ehh???
#######BUBBLE ALERT###########
Nice graph Irish. However, if Comical is even partially right say with one rate cut, it will reduce in value somewhat…
Nice graph Irish. However, if Comical is even partially right say with one rate cut, it will reduce in value somewhat…
Thanks…
You’re correct, but there’s (or should be) a limit to spin. Not to put the latest comments would make us just “spinners” in the other direction.
However, if Austin and Dan are wrong again, that’ll make it even more flagrant.
If they’re “rightish”, then we can just turn around the phrase used against the pinsters, that “a stopped clock is right twice a day”, that if they keep saying rates will go down, eventually they’ll be right!
Open Window:Methinks this will be on the frontpage of the NEW pin when the servers are up and running.
Hmmm. Trading up ehh???
#######BUBBLE ALERT###########
Only if he hangs on to the old servers and rents them out…!!!
What about a graph charting last years VIs House Price predictions vs ERSI/PTSB stats.
I know the stats are crap but you could also have that quote from the ERSI dude who admitted that the stats werent that reliable.